FG Unlocks $600m to Finance Creative, Digital Enterprises

The Federal Government has announced plans to unlock more than $600m in financing for digital and creative enterprises to expand investment opportunities, support businesses and increase the economic value retained from Nigeria’s cultural exports.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Thursday at the opening of the Creative Africa Nexus (CANEX) Weekend 2026 in Lagos.

She said the financing would be provided through the Investment in Digital and Creative Enterprises (iDICE) programme, facilitated by the Office of the Vice-President and the Bank of Industry.

Oduwole explained that the initiative was designed to help Nigerian creative businesses move beyond international recognition towards a sustainable investment ecosystem capable of generating returns for investors and better earnings for local practitioners.

She identified film, music, literature, fashion, gastronomy, gaming, sports, crafts, design and creative technology as sectors with significant investment potential.

The minister said the government was also strengthening the policy environment to enable creatives to protect their intellectual property and generate income from their work.

She cited the Federal Executive Council's approval of Nigeria's first National Intellectual Property Policy and Strategy in November 2025, alongside the Creative Sector Investment Playbook unveiled at the World Economic Forum in Davos in January 2026.

According to her, the playbook provides investors with guidance on opportunities in areas such as studio financing and the distribution of Nigerian content.

She also highlighted Nigeria's participation in the African Continental Free Trade Area Protocol on Digital Trade, which could expand cross-border opportunities in music licensing, film distribution and production services.

Oduwole said registration for CANEX 2026 had reached 17,000 participants, compared with 6,000 at the previous edition, prompting organisers to close registration.

Speaking at the event, Vice-President Kashim Shettima, who represented President Bola Tinubu, said the government recognised creativity as a trade sector and was committed to treating it accordingly.

The President of Afreximbank, Dr George Elombi, said the bank had increased its financial commitment to Africa's creative industries from an initial $500m to $2bn in 2024.

He said the funding would support businesses across the creative value chain, including film studios, recording facilities, fashion manufacturing, entertainment venues and distribution infrastructure.

Elombi also urged creative professionals to protect and properly document their intellectual property, noting that registered rights could be valued and used to secure financing.

Lagos State Governor Babajide Sanwo-Olu urged young creatives to register, protect and properly value their work to attract investment and benefit financially from their creations.